What is happening with the Bitcoin exchange-traded funds (ETFs)? Why might they be a bad idea for decentralisation, consensus, and even the price? A billion-dollar “not your keys, not your bitcoin” opportunity for non-technical institutional investors.

These questions are from the July monthly Patreon session, which took place on July 28th 2018 respectively. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop

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Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin.

Follow on Twitter: @aantonop https://twitter.com/aantonop
Website: https://antonopoulos.com/

He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.

THE INTERNET OF MONEY, v1: https://www.amazon.co.uk/Internet-Money-collection-Andreas-Antonopoulos/dp/1537000454/ref=asap_bc?ie=UTF8

[NEW] THE INTERNET OF MONEY, v2: https://www.amazon.com/Internet-Money-Andreas-M-Antonopoulos/dp/194791006X/ref=asap_bc?ie=UTF8

MASTERING BITCOIN: https://www.amazon.co.uk/Mastering-Bitcoin-Unlocking-Digital-Cryptocurrencies/dp/1449374042

[NEW] MASTERING BITCOIN, 2nd Edition: https://www.amazon.com/Mastering-Bitcoin-Programming-Open-Blockchain/dp/1491954388

Translations of MASTERING BITCOIN: https://bitcoinbook.info/translations-of-mastering-bitcoin/

Subscribe to the channel to learn more about Bitcoin & open blockchains!

Music: “Unbounded” by Orfan (https://www.facebook.com/Orfan/)
Outro Graphics: Phneep (http://www.phneep.com/)
Outro Art: Rock Barcellos (http://www.rockincomics.com.br/)

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36 COMMENTS

  1. When you see BTC maximalists like Tone Vays and Jimmy Song begging for more regulations by governments and begging for wallstreet to come in – man, all your alarm bells should be ringing. Is this really still the BTC Satoshi was thinking about?
    For me BTC was always about "against government regulations" and "against bankers and wallstreet".
    And why are these new BTC maximalists suddenly even against a guy like Andreas?
    Hmm…perhaps these new BTC maximalists are working for the other side ….. Contra-revolutionary.

  2. hi talking about the etf's your comments re these etf's funds having a big say in the future of bitcoin, these etf's may or may not hold real bitcoin in these funds even if there holding A million bitcoin why would they have anymore say than say one person holding say 10 bitcoin ? would they be running one million bitcoin nodes??? so they can have the one million votes? by running the node software of choice? to support their line of thinking ?? am i missing something here?

  3. Hi Andreas, I think you are completely right. All these attempt to fight the intrinsic bearer nature of digital assets are detrimental to the ecosystem health. I think the problem is that cryptos not only remove the need for 3rd parties but make them incompatible with the system. In today's world which is predicated on specialization this creates lots of problems for users that are not independently able to deal with the tech. I think a "solution" to the situation must be embracing the bearer nature of digital assets not fight it (ETF are essentially fighting it: it's doing the new thing in the old way) and a "solution" must be crypto in nature.

  4. Another major potential issue is the monumental security risk posed by such a large aggregation of bitcoins in a centralized fund. Ever heard of mt gox? If you think people are skeptical of trusting the Bitcoin protocol as it stands right now imagine how much worse it'll be after a funds gets hacked leaving retail and institutional investors alike burned with no recourse for recovering their funds

  5. i totally agree with you. bitcoin not need an ETF. i always wonder on that. i don't think we should be pushing for btc to the stock market. totally centralized it all. my take sincerely jr of exciting world cryptos

  6. If ETFs are truly as bad as you think they are, then they are attacks. And Bitcoin would not be Bitcoin without attacks. Bitcoin requires attacks, or Bitcoin would not be Bitcoin.

    In retrospect, an ETF was always going to happen. If the ETF screws up Bitcoin, then it will mean an open, borderless, decentralized, consensus-based crypto currency cannot exist.

    As always, there will be post-ETF developments that are unforeseen. Just because you think ETFs are bad for Bitcoin, it doesn't mean they will actually be bad for Bitcoin. In retrospect, the contentious Bcash fork, which most considered to be a bad thing, has also been good for Bitcoin.

    Bring on the ETFs. It's merely nature taking its course.

  7. key perspective to frame this is this: it’s not that few people fail to consider it – majority (realistically at this point in time) are short term speculators greed NOT long term hodlers. so it’s not in their best interest and subsequently purview. which means it’s actually not a lack of consideration but deliberate. misalignment of vision, consequently motivation and intentions ultimately.

  8. the main reason why people hate Bitcoin is the same reason why people hated Internet back at mid 90s. You cannot like something you don't understand. That keeps many people out of it. I believe that ETF will attract people since no crypto mumbo jumbo (wallets, keys , security…) is in play to confuse them. ETF is a good short term thing…its a training tool for adoption I like it as I dislike it

  9. It looks like we are going in the exact opposite direction that Satoshi intended us to go… begging for institutional acceptance, and giving power to the same old few instead to give power back to the people.

  10. If ETFs need institutional custodian services, then the September decision of the SEC should be negative. There are simply to few, if at all looking at the offerings, on the market at the moment. We're still waiting and talking with the normal such providers and they are not technically ready. Not only that, but the risk is still too high for them and the insurance companies to insure the assets for the custodians and depositories to feel comfortable. Indeed – the service would come to scale and speed, but not ATM. Therefore should that hint me that permission of ETFs is still further ahead than September?

  11. if the ETF is not just holding bitcoin, but also trading them for fiat; it would stabilize volatility, which would be a good thing

    but I have no idea if the ETF is indeed going to trade bitcoins or if it's just holding them

  12. Of course an ETF may cause an enormous interest and legitimize bitcoin to many who otherwise wouldn’t have bothered learning all its technical aspects. Later these ETF share owners will learn that they don’t need nor want a middleman to hold their bitcoin. Maybe this is the first step in the general public’s education.

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